Gandhi Special Tubes Ltd.

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gandhispecialtubes.comBSE: 513108NSE: GANDHITUBE

Market Cap₹ 1,089 Cr.

Current Price

High / Low₹ 1,010 / 681

Stock P/E14.6

Book Value₹ 283

Price to Book2.92

Dividend Yield1.67 %

ROCE31.3 %

ROE23.5 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2017 • Steel Tubes: 89.2% • Other: 6.2% • Wind Power: 4.6%

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence

61%

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PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 33.0%
Company has a good return on equity (ROE) track record: 3 Years ROE 25.0%
Latest quarter profit grew 29.3% YoY, showing strong momentum
Operating margins have improved to 43.4% from 39.5%

CONS

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	JSWSTEEL	1308.00	12.91	319865.38	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	185.95	21.04	232129.86	2.15	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	184.00	17.79	76001.67	1.28	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2775.65	31.71	73219.05	0.18	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	762.35	19.35	62849.63	0.52	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2198.00	49.66	61029.32	0.39	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1086.30	27.00	30322.09	0.41	350.73	20.66	5455.09	23.45	13.88	14.03
8.	JINDALSAW	317.60	31.08	20310.78	0.63	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2808.00	45.47	19681.83	0.36	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	537.05	16.75	18924.64	0.37	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	252.40	21.07	16992.55	0.40	222.37	2.75	1750.47	32.29	20.20	19.36
12.	GANDHITUBE	895.85	14.58	1088.64	1.67	27.94	29.28	57.20	18.88	31.31	46.58

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	46	44	41	39	41	49	40	43	48	48	48	47	57
	29	28	26	24	25	29	23	27	27	27	26	28	31
Operating Profit	17	16	16	16	16	20	17	16	21	21	22	19	26
OPM %	37.01%	35.74%	37.62%	40.00%	38.70%	40.79%	42.09%	37.01%	43.17%	43.80%	46.04%	41.28%	45.02%
	4	3	3	3	3	4	2	2	8	3	5	-5	10
Interest	0	0	0	0	0	0	0	0	0	0	0	-0	0
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
Profit before Tax	20	18	18	18	18	23	18	17	28	23	26	13	36
Tax %	22.58%	24.63%	25.03%	24.86%	22.10%	25.45%	15.40%	30.96%	22.74%	24.17%	24.92%	30.36%	22.66%
Net Profit	16	13	13	13	14	17	15	12	22	18	20	9	28
	12.98	10.90	10.87	10.99	11.78	14.19	12.48	9.83	17.78	14.56	16.21	7.71	22.99

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	98	114	123	81	114	137	167	171	173	192	201
	65	73	77	57	69	88	107	107	104	108	112
Operating Profit	33	41	46	24	45	49	61	64	68	84	89
OPM %	33.81%	36.09%	37.24%	29.40%	39.46%	35.91%	36.23%	37.53%	39.64%	43.59%	44.10%
	10	8	8	6	6	5	5	12	12	11	13
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	4	4	4	4	3	3	3	3	3	3	3
Profit before Tax	38	45	50	26	48	50	63	73	77	91	99
Tax %	19.08%	26.19%	22.35%	17.88%	24.00%	23.61%	24.70%	24.22%	23.55%	24.86%	24.66%
Net Profit	31	34	39	21	36	39	47	56	59	68	75
EPS	0.00	0.00	0.00	0.00	27.98	30.66	38.95	45.74	48.28	56.26	—
Dividend Payout %	42.94%	37.05%	32.19%	54.40%	32.16%	31.51%	30.81%	28.42%	31.07%	26.66%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 11%
3 Years:: 5%

COMPOUNDED PROFIT GROWTH

10 Years:: 14%
5 Years:: 14%
3 Years:: 13%

STOCK PRICE CAGR

10 Years:: 11%
5 Years:: 14%
3 Years:: 9%
1 Year:: -6%

RETURN ON EQUITY

10 Years:: 22%
5 Years:: 26%
3 Years:: 25%
Last Year:: 24%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	7	7	7	6	6	6	6	6	6	6
	180	170	194	140	165	141	176	217	260	310
Trade Payables	1	2	2	1	2	1	2	2	2	2
	18	19	18	14	19	18	18	18	18	22
Total Liabilities	207	197	221	162	192	166	202	243	286	340
	55	51	51	48	45	47	44	43	43	42
	104	99	120	69	94	73	85	132	170	213
	24	20	27	25	21	24	24	42	45	56
	0	0	0	0	0	0	0	20	22	20
Cash & Bank	3	5	4	2	3	2	28	3	4	7
	20	23	19	17	29	21	22	4	3	2
Total Assets	207	197	221	162	192	166	202	243	286	340

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	27	45	42	26	43	54	61	26	47	55
Cash from Investing	-5	13	-17	56	-20	22	-7	-37	-30	-34
Cash from Financing	-16	-44	-15	-76	-12	-64	-12	-15	-16	-18
	0	1	-1	-1	1	-0	26	-25	1	3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.53	73.53	73.53	73.53	73.53	73.53	73.53	73.53	73.53
	1.42	1.41	1.41	1.40	1.40	1.23	1.23	1.23	1.23
	0.00	0.00	0.04	0.04	0.05	0.05	0.06	0.06	0.05
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	25.04	25.05	25.01	25.02	25.03	25.19	25.19	25.18	25.19

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Copy of Newspaper Publication

2026-09-11 - Gandhi Special Tubes Limited has informed the Exchange about Copy of Newspaper Publication- Post Buyback Newspaper Publication Business Standard English and Hindi all Edition and Navshakti

2026-08-26

Copy of Newspaper Publication

2026-08-26 - Gandhi Special Tubes Limited has informed the Exchange about Copy of Newspaper Publication- Dispatch of Letter of Offer and Tender Form

2026-08-25

Buyback

2026-08-25 - Gandhi Special Tubes Limited has informed the Exchange about Buyback- Update regarding the Buyback Offer of up to 8,68,100 fully paid-up Equity Shares of Face Value of Rs. 5/- each of Gandhi Special Tubes Limited ( the Company ) at a price of INR 900/- per Equity Share through tender offer route ( Buyback Offer ) -Copy of Letter of Offer and Tender Form

2026-08-25

Copy of Newspaper Publication

2026-08-25 - Gandhi Special Tubes Limited has informed the Exchange about Copy of Newspaper Publication -Corrigendum to Public Announcement for the Buyback of fully paid-up Equity Shares of Gandhi Special Tubes Limited

2026-08-18

Copy of Newspaper Publication

2026-08-18 - Gandhi Special Tubes Limited has informed the Exchange about Copy of Newspaper Publication- Public Announcement for Buyback of Equity Shares

2026-08-14

Updates

2026-08-14 - Gandhi Special Tubes Limited has informed the Exchange regarding 'Shareholders Resolution For Buyback Of Equity Shares'.

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Gandhi Special Tubes Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14

Record Date

2026-08-14 - Gandhi Special Tubes Limited has informed the Exchange that Record date for the purpose of Buyback is 21-Aug-2026.

2026-08-14

Shareholders meeting

2026-08-14 - Gandhi Special Tubes Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 12, 2026. Further, the company has informed the Exchange regarding voting results.

News

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